In tax management, like in real estate, location is key,
according to Vanguard's Maria Bruno and Joel Dickson. "The
general rule of thumb is to place tax-inefficient investments,
things that generate a lot of income that may be subject to
taxes, within tax-advantaged accounts and hold tax-efficient
investments in taxable accounts," said Bruno. "Things like broad
market index funds, for instance, or municipal bond funds, those
that have—they may be more tax efficiently managed or are not
subject to income taxation in taxable accounts."

While Dickson thinks asset location is important, it's not as
important as "maximizing the tax deferred opportunities," he
says. "And where it matters most is the closer that you are to a
50/50, for example, stock/bond split of your portfolio and a
50/50 split between assets held in tax- deferred accounts and
taxable accounts. That’s where you sort of maximize the benefits
from asset location."

Wall Street social media giants Barry Ritholtz, who blogs on The
Big Picture, and Josh Brown, who writes The Reformed Broker blog,
have teamed up to start Ritholtz Wealth Management. The
investment advisory firm is registered with the SEC and has over
$100 million in assets under management (AUM). "We've been
kicking around for a long time," Ritholtz told Business Insider.
"This is something you always kind of think about... 'What if we
could make all the decisions?' Everything we're doing is
essentially the same, only now we have the opportunity to really
reinvest in the firm. There's just so many things you can do for
clients but they all cost money. Now we can reinvest all our
capital into running the business."

As advisors continue to retire, the industry will lose 25,000
advisors by 2017, according to a new report from Cerulli. The
industry peaked in 2005 and now has about 280,000 advisors. "A
good number of advisers are coming up on retirement," Cerulli
analyst Sean Daly told Investment News. He said it isn't clear
though whether some will continue to work beyond the typical
retirement age. He also pointed out that financial firms need to
do more to attract new talent as the number of retiring baby
boomers grow and the number of advisors available to help them
shrink.

Looking at 73 years worth of next-12-month returns for the
S&P 500, on various levels of the price-to-earnings ratio,
Citi's Tobias Levkovich found that the best time to buy stocks is
when the P/E is below 8. The next best time to buy stocks were
when the P/E was at 14 to 16. This chart shows that strangely
returns can be higher even when the market looks more expensive.

Women need to be more involved in the financial planning process
so they are better prepared in the event of a divorce, Laura Pilz
at Merrill Lynch Wealth Management told FA Mag. Often these women
are saddled with debts like property loans that they didn't know
they had. "What a lot of women do not know is that they may be
entitled to spousal benefits through their ex-husbands, who may
be the higher earners. Advisors should always counsel women to
take advantage of these benefits if they have the opportunity,"
Pilz said.